Qatari funds may target Credit Suisse

Funds backed by the Qatari government are considering building a 5 per cent stake worth $3 billion (Dh11bn) in Swiss bank Credit Suisse, the Sunday Telegraph reported.

Investment entities believed to be affiliated to the Qatar Investment Authority, which is closely linked to the emirate's royal family, might have already been buying shares in the market, the paper said, citing people close to the situation.

It said it was unclear whether they planned to become long-term investors.

The paper said the Qataris' plans had not been finalised and they could end up taking a stake larger or smaller than 5 per cent or pursuing the investment through an alternative vehicle.

Credit Suisse declined to comment and an adviser to the Qatar Investment Authority could not be immediately reached for comment. (Reuters)